Lloyd's chairman Lord Levene called on the industry not to blindly pursue market share.

Lord Levene made these comments at the launch this week of the International Insurance Society's 2004 survey which indicated that "maintaining competitive pricing" and "productivity, efficiency and expense controls" were the lowest among executives six top concerns.

Speaking at the society's press conference Levene said: "I am not surprised by the findings of the survey. It is important that the market does not take on business at any price.

"We do have a sanction process at Lloyd's if the business plans for syndicates are not sensible. And we would not hesitate to use them again."